Governor of the Central Bank of Iraq is discussing with Saudi Arabia banking channels between the two countries

Governor of the Central Bank of Iraq is discussing with Saudi Arabia banking channels between the two countries



2017/08/23 13:12
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The Governor of the Central Bank Ali Al-Alaq discussed with the Saudi delegation headed by the Minister of Trade and Investment Dr. Majid bin Abdul-Al-Qasabi the transactions and banking channels between Iraq and Saudi Arabia in order to agree on a plan of action for cooperation in the banking field through the formation of a team from SAMA and the Central Bank of Iraq The team will report it in the coming weeks.

"The banking sector in Iraq has taken several promising steps over the last few years to develop this sector and provide support for the establishment of private sector banks and about 70 private banks and other Islamic banks with 20 banks under establishment," Alaq said in a statement. In addition to legislating regulations and laws and implementing international standards and banking transactions that contribute to the development of this sector and other banking procedures, where it now operates according to the system of payments and the development of the application of governance in the management dealings.

For his part, al-Qasabi stressed the desire of Saudi businessmen and investors to enter into investment projects after providing the guarantees and banking facilities for them and to break the fear barrier in this regard because the Iraqi market is a promising market and attractive for investment, indicating the readiness of the Saudi side to support the Iraqi banking channels because the banking infrastructure is the key to Economic, commercial and investment.

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The Central Bank decides to oblige banks to meet with its consultant for the purposes of regulation


BAGHDAD / The central bank on Wednesday ordered banks and transfer companies to meet with the contracting authorities for the purposes of regulation.

The bank said in a statement received by "Iraq News", that "in order to improve and achieve transparency in the work of Iraqi banks with the advisory bodies and to achieve the interest of the work, when the bank to contract with any consultant outside the bank to provide advisory services to him, the Central Bank is entitled to meet with this body Whether before or after the end of the operation. "

He added that "the objective is organizational matters for the purposes of discussion and review and identify points to be highlighted and to see any priorities or reports requested by the bank," noting that "this comes in accordance with the provisions of Article 53 of the Law of Iraqi banks No. 94 of 2004.

The Central Bank of Iraq was established as an independent bank under its law of March 6, 2004, as an independent body, responsible for maintaining price stability and implementing monetary policy, including exchange rate policies and daily sessions for the sale and purchase of currencies. Finished 2

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Cash Cartoons


August 23, 2017


Monetary aggregates ... Click here

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Saudi Trade Minister: The Iraqi market is attractive and we want to amputate the fear of it (CBI)

Release date: 2017/8/23

The Governor of the Central Bank Ali Al-Alaq discussed with the Saudi delegation headed by the Minister of Trade and Investment Majid bin Abdullah Al-Qasabi the transactions and the banking channels between Iraq and Saudi Arabia in order to agree on a plan of action for cooperation in the banking field through the formation of a team from SAMA and the Central Bank of Iraq The team will report it in the coming weeks.
"The banking sector in Iraq has taken several promising steps over the past few years to develop this sector and provide support for the establishment of private sector banks and about 70 private banks and other Islamic banks with 20 banks under Incorporation ".
"In addition to legislating regulations and laws and applying international standards and banking transactions that contribute to the development of this sector and other banking procedures, it now operates in accordance with the system of advanced payments and the application of governance in its administrative dealings."
For his part, al-Qasabi said "the desire of Saudi businessmen and investors to enter into investment projects after providing guarantees and banking facilities to them and to break the barrier of fear in this aspect because the Iraqi market is a promising market and attractive for investment."
He expressed "the readiness of the Saudi side to provide support to Iraqi banking channels because the banking infrastructure is the key to all economic, trade and investment."
The Saudi minister of trade and investment, Majid bin Abdullah al-Qasabi, arrived Tuesday evening in Baghdad.

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